The Walt Disney Company

DIS
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$25.2B
Q2 FY2026 · +7% YoY
TTM ROIC
8%
FY2025 · NOPAT / Total Invested Capital (reported; includes Fox goodwill/intangibles). NOPAT = Segment OI less corporate costs, tax-effected at 25%. · WACC ~8.5% · Moat spread +0pp

Financial Snapshot

ticker: DIS step: 04 generated: 2026-05-13 source: quick-research

The Walt Disney Company (DIS) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $82.7B $88.9B $91.4B +2.8%
Operating Income ~$4.8B $4.8B $7.6B +58.3%
Net Income ~$3.1B ~$2.4B ~$4.9B +104%
Adj. EPS (non-GAAP) $3.53 $3.76 $4.97 +32.2%

FY2025: Management guiding for double-digit EPS growth vs. FY2024. FCF reached $10.1B (+18% vs FY2024 $8.6B). Q1 FY2026: SVOD operating income +72% to $450M; Experiences record $10B revenue / $3.3B operating income.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$12.5B
Free Cash Flow $8.6B
Capital Expenditures ~$5.0B
Cash & Equivalents ~$6.0B
Total Debt ~$45B

FY2025 FCF: $10.1B (+18%). $60B 10-year Experiences capex plan (2024–2034) will increase capex.

Key Ratios (approximate)

  • P/E: ~21x (adj. FY2025) | EV/EBITDA: ~14x | FCF Yield: ~5%
  • Revenue Growth (FY2024): +2.8% | Adj. EPS Growth (FY2024): +32%

Growth Profile

Disney's adj. EPS rebounded sharply from the streaming investment trough: +32% in FY2024 after a flat FY2023 as streaming turned profitable. FCF recovery was dramatic — FY2025 FCF of $10.1B vs. ~$5B in FY2023. The Entertainment SVOD segment achieved its first 10%+ operating margin in Q1 FY2026 (10.6%), validating the streaming profitability thesis. Parks/Experiences continue to set records on per-capita spending and operating income.

Forward Estimates

  • FY2025/FY2026: Double-digit adj. EPS growth guided; 84% of analysts bullish
  • SVOD operating margin target: 10% for full FY2026
  • FCF: $10.1B in FY2025; trending higher with streaming maturation
  • ESPN DTC: Launched 2025; Barclays estimates 5–6M subscriber potential
  • Experiences: Record revenue trajectory; $60B 10-year capex plan; Abu Dhabi park announced
  • Analyst consensus: Strong Buy; average 12-month PT in the $115–130 range

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $DIS.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/dis/financials/md · → thesis · → memo